Switching from fossil fuels to renewable energy is "possible and profitable", and could save the world as much as $12tn (£10.2tn) by 2050 compared to continuing the current levels of fossil fuel use, according to a study by Oxford University.
In the paper, the research team denied the idea that a green transition would be extremely costly as "just wrong", and described a scenario in which rapidly transitioning to clean energy results in lower energy system costs than a fossil fuel system, while providing 55 per cent more energy to the global economy, and expanding energy access to more people around the world.
The study’s ‘Fast Transition’ scenario could be achieved by ramping up solar, wind, batteries, electric vehicles, and clean fuels such as green hydrogen, the scientists said.
"Past models, predicting high costs for transitioning to zero-carbon energy, have deterred companies from investing, and made governments nervous about...